In order to give full play to the guiding role of government industrial funds，Attract social funds to invest in major project construction of characteristic towns in Zhejiang Province，Days ago，The Zhejiang Provincial Development and Reform Commission and the Provincial Department of Finance formulated the "Zhejiang Provincial Characteristic Town Industrial Finance Linkage Development Fund Formation and Operation Plan" (hereinafter referred to as the "Plan")。It is reported，Zhejiang Province Characteristic Town Industrial Finance Linkage Development Fund (hereinafter referred to as "Provincial Characteristic Town Fund") has a total scale of 10 billion，1 billion yuan invested by Zhejiang Provincial Transformation and Upgrading Industry Fund，Promote joint investment by cities, counties and social capital。

According to the plan content，The investment direction of the Provincial Characteristic Town Fund is mainly to invest in entity enterprises in provincial characteristic towns，Provide professional investment and financing services and intellectual support for the industrial development of characteristic towns。Adopt directional funds、Model combining non-directional funds，Same shares and rights as other investors。In principle, the total investment ratio of provincial, municipal and county government industrial funds shall not be higher than 40% of directional funds，Independent third-party social capital that is not related to the industrial project party (that is, it has no control over the industrial project party、Controlled and subject to joint control relationship) the capital contribution ratio shall not be less than 20% of the size of the directional fund。Especially major projects are not subject to the above restrictions on scale and investment ratio after being approved by the Provincial Transformation and Upgrading Fund Management Committee。The first phase of the provincial characteristic town fund will be paid within 1 year，The actual investment amount of non-directional funds in provincial characteristic towns reaches the capital subscription amount of the provincial transformation and upgrading industrial fund。In principle, the investment period of non-directional funds shall not exceed 5 years。

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Zhejiang Development and Reform Commission [2019] No. 400

Cities、County (city)、District) Development and Reform Commission (Bureau)、Finance Bureau:

In order to give full play to the guiding role of government industrial funds，Attract social funds to invest in the construction of major projects in characteristic towns in our province，Promote the high-quality development of characteristic towns in the province，According to the provincial leaders’ proposal on building a government industrial fund 2.Related instructions for version 0，As well as the "Zhejiang Province Transformation and Upgrading Industrial Fund Management Measures" and other relevant regulations，The Provincial Development and Reform Commission and the Provincial Department of Finance formulated the "Zhejiang Province Characteristic Town Industrial Finance Linkage Development Fund Formation and Operation Plan"，With the consent of the provincial government，Now printed and distributed，All localities are requested to comply with and implement it based on actual conditions。

Contact: Xu Haiping, Provincial Development and Reform Commission，Tel: 0571-87055051；

Provincial Department of Finance Shen Yanping，Tel: 0571-87058658。

Zhejiang Provincial Development and Reform Commission Zhejiang Provincial Department of Finance

September 16, 2019

Zhejiang Province Characteristic Town Industrial Finance Linkage Development Fund Formation and Operation Plan

1. Fund name

Zhejiang Province Characteristic Town Industrial Finance Linkage Development Fund (hereinafter referred to as "Provincial Characteristic Town Fund")。

2. Fund size

Provincial Transformation and Upgrading Industry Fund invested 1 billion yuan，Promote joint investment by cities, counties and social capital，Form a provincial characteristic small town fund with a total scale of 10 billion yuan。Based on the investment and operation of provincial characteristic town funds，After approval by the provincial government, increase subsequent investment and expand the fund scale accordingly。

3. Policy Objectives

Leverage the leading role of government industrial funds，Mainly through provincial, city and county linkage，Attract social capital to support industrial development in characteristic towns in our province (excluding town infrastructure construction)。

IV. Investment direction

Revolving around provincial-level characteristic towns ("provincial-level characteristic 188bet app towns" refers to the provincial-level naming announced by the Office of the Zhejiang Provincial Joint Conference on Planning and Construction of Characteristic Towns、Create、Cultivated characteristic town，The same below) invests in entity enterprises，Provide professional investment and financing services and intellectual support for the industrial development of characteristic towns。

5. Operation mode

Mainly adopt directional funds、Model combining non-directional funds，Same shares and rights as other investors，Operate in accordance with relevant national laws and regulations。

6. Operational requirements

(1) Basic Fund Requirements

The maximum duration of directional funds and non-directional funds shall not exceed 8 years，And must be registered in a provincial characteristic town，In principle, the scale of directional funds shall not be less than 500 million yuan，Non-directional fund size shall not be less than 500 million yuan。Adjustments can be made after approval by the relevant review and decision-making process。

(2) Provincial, city and county linkage

In principle, targeted funds must be jointly funded by provinces, cities and counties，Non-directional funds encourage cities and counties to jointly invest。

(3) Industry-finance linkage

In order to further highlight the provincial characteristic small town fund, it gathers platform resources such as well-known financial institutions，Attract more high-quality social capital to support the construction of Zhejiang characteristic towns，At the same time gather financial resources and market resources of characteristic towns，Promote the joint development of financial towns and industrial towns。During the duration，Fund managers should deal with at least 1 characteristic town in the province，Carry out special financial services around connected characteristic towns。

(4) Directed Fund Requirements

1. Investment structure.

In principle, the total investment ratio of provincial, municipal and county government industrial funds shall not be higher than 40% of directional funds，Independent third-party social capital that is not related to the industrial project party (that is, it has no control over the industrial project party、Controlled and jointly controlled relationship，The same below) The capital contribution ratio shall not be less than 20% of the size of the directional fund。Especially major projects are not subject to the above restrictions on scale and investment ratio after being approved by the Provincial Transformation and Upgrading Fund Management Committee。

2． Proposed project requirements.

(1) Targeted funds require that the registration place of the investment project company and the project implementation place are located at the provincial level、Create、Within the scope of cultivating characteristic towns；

(2) In line with the industrial development direction of the characteristic town;

(3) Meet the industrial development requirements of the Provincial Development and Reform Commission.

3． Investment progress requirements.

In principle, targeted fund applications are based on the actual progress of the project。Within 6 months after the Provincial Transformation and Upgrading Industrial Fund allocates the directed fund account，Directed funds must complete the investment。

(5) Non-directional fund requirements

1. Investment structure.

The provincial transformation and upgrading industrial fund investment shall not exceed 15% of the non-directional fund scale，The total investment ratio of provincial, municipal and county government industrial funds shall not exceed 30% of the scale of non-directional funds，In principle, the investment ratio of independent third-party social capital that is not related to the fund manager shall not be less than 20% of the scale of the non-directional fund。

2． Return investment requirements.

Non-directional funds after the establishment of the Provincial Characteristic Town Fund project，The amount of investment in provincial characteristic town projects shall not be less than 3 times the investment amount of the provincial transformation and upgrading industry fund。

3． Investment progress requirements.

The first phase of the provincial characteristic town fund will be paid within 1 year，The actual investment amount of non-directional funds in provincial characteristic towns reaches the capital subscription amount of the provincial transformation and upgrading industrial fund。In principle, the investment period of non-directional funds shall not exceed 5 years。The specific investment progress shall be in the relevant articles of association、Stipulated in the agreement。

4. Reserve project requirements.

When applying for project approval from non-directional funds，The number of planned investment enterprises in the reserve provincial characteristic towns is no less than 3，The proposed investment amount shall not be less than the investment amount of the Provincial Transformation and Upgrading Industry Fund，And promised to become a shareholder of the Provincial Transformation and Upgrading Industry Fund，The registration place of the first investment enterprise is within the scope of provincial characteristic towns。

(6) Qualifications of directional fund and non-directional fund managers

1. Established in accordance with the law within the territory of the People’s Republic of China，And 188bet online sports betting it has been registered with the relevant competent authorities or industry self-regulatory organizations，Registered capital not less than 10 million yuan，No major violations of laws and regulations in the past three years；

2． Have a fixed business location and hardware and software facilities suitable for its business，Funds should be raised from qualified investors that comply with the "Interim Measures for the Supervision and Administration of Private Investment Funds" (CSRC Order No. 105) and other regulations；

3. Have rich investment management experience and good management performance，Sound investment management and risk control process，Standardized project selection mechanism，Able to provide entrepreneurial guidance to invested companies、Management consulting and other value-added services；

4． At least 3 senior managers with more than 3 years of experience in equity investment or equity investment fund management，And there are more than 3 (inclusive) successful cases of equity investment；

5. When professional institutions submit cooperation plans，Must have obtained investment intention for at least 30% of the total size of the proposed fund，And provide the proposed investor’s investment commitment letter and other materials。

(7) Management fees of directional funds and non-directional funds

In principle, the fund management rate for participating provincial characteristic town funds shall not be higher than 2% per year。

(8) Investment restrictions

Funds must comply with national laws and regulations when conducting business，Not allowed to engage in the following businesses:

(1) Invest in secondary market stocks、Futures、Corporate Bonds、Trust products、Financial management products、Insurance plans and other financial derivatives；

(2) Engage in guarantee、Mortgage、Real estate (including purchase of self-use real estate)、Entrusted loans and other businesses；

(3) Provide sponsorship, donation and other expenses to any third party;

(4) Absorbing deposits or absorbing deposits in disguised form，Or provide loans and borrowing funds to any third party；

(5) Overseas investment with unlimited joint and several liability;

(6) Raise funds by issuing trusts or collective financial products.

Key areas or innovative businesses that require special support approved by the Management Committee，Not subject to the above terms，Except where expressly prohibited by laws and regulations。

7. Investment Management

(1) Project Initiation。The Provincial Development and Reform Commission will seek investment projects from municipal and county governments and society based on policy objectives and industrial characteristics of characteristic towns。

(2) Project establishment。The Provincial Development and Reform Commission proposed the investment plan after studying it and initiated the project to the Fund Management Committee Office。

(3) Due Diligence。After approval of the project by the Fund Management Committee，Zhejiang Financial Holding Investment Management Co., Ltd. (hereinafter referred to as "Financial Holding Management Company") organizes project due diligence，And form an investment proposal，Investment mode、Income distribution、Investment amount、Income distribution、Profit-sharing measures、Provide specific suggestions on exit methods。

(4) Voting meeting review。The investment proposal submitted by the Fund Management Committee Office based on the Financial Holding Management Company，After organizing a voting meeting to review and make decisions or the management committee office together with relevant provincial departments to provide review opinions，Submit to the Director of the Management Committee for approval。

(5) Public announcement。Project investment plan that has been reviewed or approved，Published on the portal website of the Provincial Department of Finance for 7 working days，Except those involving state secrets or commercial secrets。

(6) Organization and implementation。There is no objection after public announcement or the objection is not established，The financial holding management company and relevant partners will draft articles of association or partnership agreement，It will be implemented after formal signing。6 months after the project investment plan is approved，The charter or agreement for the relevant investment has not yet been signed，Resulting in the impossibility of implementing the investment plan，Financial holding management companies should promptly report the termination of investment to the Fund Management Committee Office within one month，The Administrative Committee Office reports to the Administrative Committee。

(7) Post-investment management。After project implementation，Financial 188bet sports betting app download management companies do a good job in post-investment management，Directed fund manager、Non-directional fund managers should do their own fund management work。

8. Investment exit

(1) Provincial Characteristic Town Fund can adopt equity transfer、Stock reduction、Withdraw from invested projects through shareholder repurchase, dissolution and liquidation。Provincial Characteristic Town Fund is a directional fund from investment participation、When non-directional funds exit，The specific withdrawal period has been specified in the company’s articles of association or agreement、Exit conditions、Exit method，Click to execute。Withdrawal without complying with the company’s articles of association or agreement，The financial holding management company reports the actual operation of the fund and exit suggestions to the Provincial Development and Reform Commission，The Provincial Development and Reform Commission proposed review opinions，After approval by the Fund Management Committee，Financial Holding Management Company handles specific exit matters。

(2) Those who need asset evaluation，A qualified asset appraisal agency should be hired for appraisal，Report the evaluation results to the Provincial Department of Finance for approval or filing。If the transferee is a wholly state-owned company or a wholly state-owned enterprise，After reporting to the Management Committee for approval，The corresponding equity (share) can be transferred by agreement；If the transferee is a non-state-owned company or a non-state-owned enterprise，Exit should be handled through public listing in property rights trading institutions established in accordance with the law in accordance with relevant regulations on state-owned property rights management。

(3) Targeted funds invested by the Provincial Characteristic Town Fund、After the non-directional fund has been running for 3 years，Such as achieving policy goals such as investment performance and supporting industries，After approval by the Fund Management Committee，You can exit early。

(4) Provincial Characteristic Town Fund and Targeted Fund Manager、When the non-directional fund manager and other investors agree that if the following circumstances occur，After approval by the Fund Management Committee，Provincial Characteristic Town Fund can be withdrawn in advance without exemption:

1. More than 6 months after the signing of the charter or agreement，Failure to complete establishment or capital increase procedures in accordance with prescribed procedures and time requirements；

2. Provincial Characteristic Town Fund Disbursement Fund Account for more than 1 year，The equity fund has not actually contributed capital；

3． The operation of equity funds does not comply with the policy guidance of these Measures and the Provincial Characteristic Town Fund Plan；

4. Discover other exit situations that endanger the safety of the Provincial Characteristic Town Fund or violate policy objectives, etc.。

9. Reward and punishment mechanism

(1) Profit-sharing plan

1. Directed funds.

At the project establishment stage, the Provincial Development and Reform Commission will propose profit-sharing conditions、Preliminary opinions on profit sharing standards and profit sharing measures。The specific profit transfer conditions are specified in the company (fund) articles of association or partnership agreement、Profit standard、Profit-sharing measures。The situation cannot be agreed in advance or the company's articles of association cannot be followed、Partnership agreement and other pre-agreed ways of transferring profits，After the project exits, the Provincial Development and Reform Commission will propose a profit transfer plan based on the performance appraisal results，Approved by the Fund Management Committee。

2． Non-directional funds.

(1) Conditions for profit transfer.

1) The first phase of the provincial characteristic town fund will be paid within 1 year，The actual investment amount of the fund in provincial characteristic towns reaches the amount of capital subscribed by the provincial transformation and upgrading industry fund；

2) During the investment period, the actual investment amount of the fund’s provincial characteristic town project reached three times the subscribed capital contribution of the provincial transformation and upgrading industry fund；

3) Provincial Characteristic Town Fund’s shareholding period，Fund managers should deal with at least 1 provincial-level characteristic town，Carry out special financial services at least once a year around the connected provincial characteristic towns。

(2) Benefit-sharing standards and measures.

1) Provincial Characteristic Town Fund invests in enterprises in provincial characteristic towns during the investment period (subject to the actual investment amount)，Achieved 3 times of the subscribed capital contribution of the Provincial Transformation and Upgrading Industrial Fund，50% of the after-tax income of the Provincial Transformation and Upgrading Industrial Fund is transferred to the fund manager；

2) Provincial Characteristic Town Fund invests in enterprises in provincial characteristic towns during the investment period (subject to the actual investment amount)，reached 4 times the subscribed capital contribution of the Provincial Transformation and Upgrading Industrial Fund，60% of the after-tax income of the Provincial Transformation and Upgrading Industrial Fund is transferred to the fund manager；

3) Provincial Characteristic Town Fund invests in enterprises in provincial characteristic towns during the investment period (subject to the actual investment amount)，Achieved 5 times of the subscribed capital contribution of the Provincial Transformation and Upgrading Industrial Fund，70% of the after-tax income of the Provincial Transformation and Upgrading Industrial Fund is transferred to the fund manager；

4) Provincial Characteristic Town Fund invests in enterprises in provincial characteristic towns during the investment period (subject to the actual investment amount)，Achieve 6 times or more of the subscribed capital contribution of the Provincial Transformation and Upgrading Industrial Fund，80% of the after-tax income of the Provincial Transformation and Upgrading Industrial Fund is transferred to the fund manager。

(2) Assessment and implementation of profit transfer

Provincial Characteristic Town Fund’s investment-oriented fund、When the non-directional fund project exits，Comply with the specific profit transfer conditions specified in the company’s articles of association or partnership agreement、Profit standard、Profit-sharing measures and other previously agreed situations，Implemented by Financial Holding Management Company。Does not comply with the pre-agreed circumstances or cannot comply with the company’s articles of association、Partnership agreement and other pre-agreed ways of transferring profits，After the project is withdrawn, the Provincial Development and Reform Commission will conduct an assessment，And make profit-sharing suggestions based on the evaluation results，After confirmation by the Fund Management Committee，Implemented by Financial Holding Management Company。

(3) Liability for breach of contract

If a breach of contract or illegal situation occurs during the operation of the provincial characteristic town fund investment project，Refuse to make corrections upon request or the impact cannot be eliminated after correction，Profit can be reduced until canceled。Establish the credit history of government investment funds and their senior managers，And incorporate it into the national unified social credit information sharing and exchange platform。Establish a blacklist mechanism and credit management mechanism，Any violation or breach of contract by the management agency of the investment project，The right to exercise the following rights individually or simultaneously:

1. Time limit for rectification.

2. In Zhejiang Provincial Department of Finance、Provincial Development and Reform Commission website、The financial management company and its actual controller’s website announced its violations，And load relevant information into the management file，Serious circumstances，The Provincial Characteristic Town Fund stopped cooperating with it。

3． The Administrative Committee Office, together with the Provincial Development and Reform Commission, shall make an announcement or carry out joint punishment in accordance with the "Interim Measures for the Management of Government-Sponsored Industrial Investment Funds"。

4． Request to bear liability for loss compensation (including but not limited to the amount of compensation that the Provincial Transformation and Upgrading Industry Fund should pay to relevant institutions and the legal fees borne by the Provincial Transformation and Upgrading Industry Fund during the compensation process、Arbitration fee、Attorney fees、Travel expenses, etc.)。

5． According to the management party’s default or breach of contract, the performance will be rectified，Require the manager individually or collectively to transfer all or part of the provincial transformation and upgrading industry fund’s property share。The transfer price is the actual capital contribution of the corresponding share of the Provincial Transformation and Upgrading Industrial Fund plus an annual interest rate of 10% (simple interest)，The management party shall bear the subsequent capital contribution and other obligations。

10. Risk Prevention and Control and Performance Appraisal

(1) Directed Fund、Non-directional funds should be entrusted to a Chinese domestic commercial bank for custody，The custodian bank is managed by directed funds、Proposed by non-directional fund managers and approved by directional funds、All investors of non-directional funds unanimously agree，Carry out asset custody in accordance with relevant regulations and custody agreements、Daily work such as fund allocation and settlement，Dynamic supervision of investment activities，Regularly issue bank custody reports to fund managers。

(2) The provincial characteristic town fund investment part has no profit or loss，Do not use government subsidies to pay income to fund partners；The investment part realizes the income，No more than the total after-tax income may be transferred to fund partners。

11. Reporting system and information disclosure

(1) Directed Fund、Non-directional fund managers submit the "Fund Operation Report" and quarterly accounting statements to the financial holding management company within 10 days after the end of each quarter，And submit the "Fund Annual Operation Report" and the "Fund Annual Accounting Report" audited by a certified public accountant to the financial holding management company within 3 months after the end of each fiscal year；After receiving the report, the Financial Holdings Management Company promptly forwarded the "Annual Fund Operation Report" and "Fund Annual Accounting Report" to the Provincial Development and Reform Commission。

188bet online sports betting (2) After the Provincial Characteristic Town Fund signs the charter or agreement with the relevant partners，Changes in core factors such as an increase in the amount of capital subscribed to the Provincial Characteristic Town Fund occurred、Substantial changes in managers of directional funds and non-directional funds，Reported by the Financial Holding Management Company to the Fund Management Committee Office。Substantial changes in directional fund and non-directional fund managers include but are not limited to:

1． Directed funds、There is a substantial change in the major shareholder (corporate system) or general partner (partnership system) of the non-directional fund manager；

2. Directed funds、Reported by the Financial Holding Management Company to the Fund Management Committee Office、Changes have occurred at the level of general manager。

Attachment: Targeted fund and non-directed fund establishment plan template

Attachment: Targeted Fund Formation Plan Template

1. Establish background and goals

2. Key elements of funds

(1) Fund size

(2) Investment structure

(3) Fund Registration Town

(4) Investment fields

(5) Fund duration

(6) Management expenses and income distribution

3. Fund special agreement

(1) Provincial, city and county linkage

(2) Investment Progress

4. Professional management team

(1) Basic situation of the management team

(2) Past investment experience

V. Related party transaction disclosure mechanism

6. Exit arrangements

7. Reward and Punishment Mechanism

Non-directional fund formation plan template

1. Establish background and goals

2. Key elements of funds

(1) Fund size

(2) Investment structure

(3) Fund Registration Town

(4) Investment fields

(5) Fund duration

(6) Management expenses and income distribution

3. Fund special agreement

(1) Provincial, city and county linkage

(2) Investment Progress

(3) Return investment ratio

4. Professional management team

(1) Basic situation of the management team

(2) Past investment experience

五、Status of reserve projects in characteristic towns and projects in invested towns

VI. Related party transaction disclosure mechanism

7. Exit arrangements

8. Reward and punishment mechanism

Issued by the Office of Development and Reform Commission of Zhejiang Province on September 18, 2019

*This articleSource: China Economic Net，Original title: "Zhejiang establishes provincial characteristic small town fund with a total scale of 10 billion》.